Article
Written by Craig Evans
Posted on 30/07/2020

Risk of online financial fraud accelerating the pace of digital transformation

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An increased risk of online fraud is speeding up the digital transformation of the UK’s business community.

As more and more people are working from home during the coronavirus pandemic, level’s of third person impersonation is rising, and the full effects may not be seen for some time.

The current Covid-19 pandemic is shining a spotlight on sub-optimal online processes such as ID verification and customer onboarding.

The current pandemic has seen huge changes to the way we now operate our lifestyles, moving to more digital environments has created an open door to fraud.

This in turn is accelerating the pace of digital transformation for businesses and a pathway to securer online platforms.

As more and more people are having to migrate from traditional online interactions, the fraudsters see this as an opportunity to attack this new wave of unfamiliar users as people have had to become more digital with e-commerce, media-streaming, web conferencing and even online gaming.

At Graydon we are seeing a sea change in business process evolution, as companies are looking to fast track their digitisation and see on opportunity to grow their traditional businesses as their markets change – who would have thought 4 months ago that a small builder would now need to complete an application for credit with a builders merchant online, identifying themselves and completing the application 100% in a digital manner.  An opportunity for those who can adapt quickly to capture this fast changing market.

Greater digitisation is the direction of travel and robust solutions such as biometric ID will soon become the normal.

It true that not all businesses are agile enough to change, and the pandemic could separate the winners and losers, those adopting the safer verification technology will stand the test of time.